On the plus side, most family offices have a robust investment focus and operations to support that, according to the new UBS Global Family Office Report.

Among the 307 participants, strategic asset allocation, portfolio risk management and financial reporting are most often handled internally, keeping core decision-making and oversight within the organisation.

Investment professionals remain central to family offices and operate within a broader organisational structure that supports day-to-day functioning, as well as longer-term continuity, the survey found. This is in lockstep with the support of non-investment professionals covering areas such as operations, accounting, legal support and lifestyle services, comprising 40% of total staff numbers.

Many employ formal financial performance measurement and annual budgeting processes. Specialist areas like legal services, tax planning, and cybersecurity are commonly outsourced.

UBS found, however, that activities tied closely to family dynamics show a different pattern. Only a minority have a succession plan for the family office itself or a structured approach to preparing the next generation for future roles and responsibilities.

There is also a lack of organised processes to educate and prepare the next generation for future roles or responsibilities.

Back in 2017, Deloitte surveyed family offices about generational transition. Some 69% said they expected one within the next 10 to 15 years.

Rebecca Gooch, the global head of Insights at Deloitte Private, recently told Financial Standard that this type of momentum is "seismic".

"Trillions of dollars are changing hands, and the next generation brings a different mindset - a different DNA in terms of how they want to manage and grow wealth," she said.

"We're right in the middle of this transition. Around 41% of families are expected to undergo succession in the next 10 years, but at the same time, another 41% still don't have a succession plan in place."

In Australia, Gooch observes the dynamics between many first-generation (G1) families and the emergent second-generation (G2).

"The number one point at which families are typically at risk of losing their wealth is during the wealth transfer from G1 to G2. That's the hardest transfer. The next hardest is G2 to G3," she said.

G1 to G2, however, is where families are "most at risk."

"With G1 being the founders, they're the ones who created all the wealth. And oftentimes, they're so busy running their core operating business that they haven't thought about it," she explained.

"They've never undergone a succession of great wealth before."

This often leads to a lack of succession structures, processes, governance or frameworks set up.

"The further you go down the generational track, the more you realise what you need to do, and they learn from experience," she said.

What's at stake is Deloitte's estimate of global family office assets under management skyrocketing to US$5.5 trillion by 2030.

However, Deloitte's survey found about 30% of families harbour concerns about the next generation not being adequately prepared to take on the baton.

What they are now prioritising is creation of effective succession plans and receiving mentorship and training on how to step up.

"Families that have both long-term succession plans and short-term contingency plans are the ones that succeed," Gooch said.

"They look at the next generation as a process that takes years, decades, even a lifetime, to cultivate them into good stewards of wealth."

The UBS survey suggests family members aged 30 to 39 years old are at the right stage to start engaging in family office decisions.

"Gaps in financial and governance education are cited as the main challenge, yet the vast majority of family offices still lack an organised process to educate and prepare the next generation for a smooth transition," UBS's report said.

Oryxium splashed $79 million across 9.35 million securities in Magellan to become a substantial shareholder.

The major stake comes after Magellan announced its plans to merge with Barrenjoey Capital Partners.

Magellan will up its current 36% stake in Barrenjoey Capital Partners to 100% ownership for $906 million. The two firms will then merge. The proposed merger implies a value of $1.62 billion for Barrenjoey.

Brian Benari will become the new group chief executive. Sophia Rahmani will continue as chief executive of Magellan Investment Partners. Matthew Grounds and Guy Fowler will continue as co-executive chairs of Barrenjoey. David Gonski will become independent chair while Andrew Formica will be deputy chair. Gonski is currently a board member of the Lowy Institute.

Frank Lowy co-founded the Westfield Group in 1960. In 2014, it was split into Scentre Group or Westfield-branded shopping centres in Australia and New Zealand, and Westfield Corporation.

LFG is the private investment business and family office of the Lowy Family with offices in New York, Los Angeles and Sydney.

Magellan will hold an extraordinary general meeting on April 10 to seek shareholder approval for the merger.

Shareholders will need to greenlight the issue of 106,838,520 fully paid ordinary shares by Magellan to Barrenjoey parties and an affiliate of Barclays on completion of the proposed acquisition.

Magellan shareholders will then hold 63.5% of the total number of Magellan ordinary shares on issue, with the Barrenjoey parties having about 31.7%. Barclays's interest will come to 4.9%.

"The MFG board has carefully considered the strategic, financial and governance implications of the Merger. After thorough evaluation, the board unanimously believes the transaction is in the best interests of MFG shareholders," Formica said.

J.P. Morgan Private Bank's 2026 Global Family Office Report, which includes ones from Australia, found that AI dominates much of their investment strategies.

Sixty-five percent of family offices said AI is top of mind, followed by healthcare innovation (50%) and infrastructure (41%).

"The promise of artificial intelligence is profound, but family offices lack key exposure," the report said.

"At the same time, 79% of family offices have 0% allocation to infrastructure, despite its role as the physical backbone of AI through power, connectivity and logistics."

Global family offices exhibited show stronger interest in automation and robotics compared to US counterparts of 40% versus 29% respectively. Non-US family offices are also keen on food and agricultural innovation (35% versus 15%).

US family offices, meanwhile, demand opportunities in sports investing, attracting the attention of 19% compared with 10% of global offices.

On average, some 75% of participants' assets are allocated to a combination of public equities and alternatives. Listed equities continue to dominate at 38.4% as family offices have a large chunk of their money parked there.

Private investments come next at 30.8%. Private equity leads the pack within this asset class at 9.8% followed by real estate at 7.4%.

Drawdown funds are the most common way they access private investments, utilised by 67% of participants, the survey found.

This is closely followed by 64% investing in direct control minority ownership positions. Half (49%) hold direct control majority ownership positions, while 40% invest through fund-of-funds strategies, and 35% invest through evergreen funds.

Geopolitics tops family offices' concerns as 74% view it as a significant investment risk, followed by trade policy and tariffs (60%), economic growth (57%) and interest rates (55%).

J.P. Morgan Private Bank global co-head of the family office practice William Sinclair said: "Through serving the world's most prominent families across generations and jurisdictions, we have a unique vantage point into their greatest aspirations. This report reflects their perspectives and priorities, offering a window into how family offices are shaping their futures."

"As family offices navigate a world of unprecedented complexity, our role is to help them transform ambition into enduring impact."

Notably, succession planning for family office management is a frequent challenge and concern as 86% do not have a plan in place.

Many of the family offices surveyed are leanly staffed and struggle to identify successors for key roles.

More than half of family offices (51%) consider the absence of a succession plan for decision makers as a risk to the continuity and effectiveness of their offices.

Family Office Access provides a trove of family office research, and helps clients looking to raise capital, build strategic relationships and navigate the family office sector with more clarity.

The platform hosts more than 5000 family offices and global investors and offers strategy-driven search and outreach tools. It also provides insights on next-generation engagement, direct investments, philanthropy and impact trends.

Family Office Access will be added to ISS MI's MarketPro platform, allowing users to identify and engage with the right target investors as they look to raise capital and grow their business. The means delivering intelligence covering thousands of verified family office profiles, including direct contact information, detailed investment mandates and historical deal insights.

ISS MI global head Ben Doob said: "This acquisition strengthens our position as a comprehensive go-to-market intelligence provider for clients seeking growth in the financial services ecosystem. By adding verified family office data, insights and connections to our platform, we will enhance our clients' ability to identify the right investors, engage with confidence, raise capital, and ultimately drive business growth."

Family Office Access founder and chief executive Danielle Patterson will join ISS MI as part of the acquisition.

Patterson established the firm via the acquisition of a small directory and has grown it into a global platform supporting thousands of professionals who work with family offices, ultra-high-net-wealth families and institutional partners.

"By combining our data and platform with ISS MI's global data, research and analytics, clients can now connect with the right investors faster to drive meaningful, strategic relationships," South Carolina-based Patterson said.

Last July, ISS MI acquired UK-based Autus Data Services, a provider of data, analytics and insights to the global financial services industry.

Autus also became part of ISS MI's MarketPro, which provides comprehensive, accurate, and actionable distribution intelligence for major financial services markets.

Financial Standard is owned by ISS Market Intelligence, which is part of the ISS STOXX GmbH group of companies.

Granite Bay is founded by Brisbane-based Steve Moon, who is also the managing partner. Moon was formerly an executive director at Morgan Stanley for 13 years and was a licensed financial adviser there between 2012 and 2021. He also spent time at UBS, Macquarie and LGT Wealth Management.

The firm, which has offices in Sydney and Brisbane, targets high-net-worth individuals, multi-generational families and sophisticated private capital.

David Asplin is a co-founder and takes the role of chief executive. He spent more than 12 years at QIC, finishing up as deputy managing director and heads of funds management in July 2024.

He also worked in client services and distribution roles at firms that include LaSalle Investment Management, Challenger and Colonial First State (CFS).

Also from QIC, Damien Frawley acts as the firm's founding chair. Frawley spent nearly 10 years as QIC's chief executive and before that was the country head of BlackRock Australia.

Coming in as founding partners, Matt Nicholls is the chief operating officer, while Jessica Brady acts as general manager.

Nicholls was most recently the head of advice at Wilsons and prior to that worked at Morgan Stanley for more than 15 years, appointed to senior roles that included co-leading the Australian wealth management unit and leading risk management.

Brady's experience includes leading BT Financial Group's platforms incidents, and licensee development and operations units. She also worked in senior roles at Macquarie and CFS.

Frawley said he chose to be involved with Granite Bay "because it's built on the principles that matter most in wealth management: strong governance, disciplined decision-making and a genuine commitment to doing things properly."

"This is a business that operates with the transparency and accountability that clients rightly expect," he added.

"The Australian wealth market is rapidly evolving. Understanding our client needs and what's important to them was at the forefront of our mind in establishing this business," said Moon, who flagged plans to expand to Melbourne.

"We wanted to offer investors genuine choice beyond the large institutions. Both clients and advisers deserve something better, something built on experience, trust and a genuinely aligned model."

Granite Bay has appointed BlackRock as OCIO, providing its multi-asset strategy and solutions.

"The Australian private wealth market is evolving at pace, with investors seeking greater accessibility, transparency, diversification, and institutional quality solutions. By appointing BlackRock as its OCIO, Granite Bay advisers will benefit from BlackRock's multi-asset teams' expertise to meet their clients growing demand all while bringing institutional capabilities within easier reach for their clients," BlackRock head of wealth for Australasia Chantal Giles said.

The investment committee is chaired by former AMP chief investment officer Debbie Alliston. It is supported by external consultants David Griffith, the head of multi asset strategy solutions at BlackRock Australasia, and John Lockton, the head of investment strategy at MST Financial.

KPMG modelling of 2023 financial year Australian Taxation Office (ATO) data saw a jump in donations from inner Perth to nearly $5.3 billion, up from $382 million the prior year, thanks to the Forrests' donation.

In 2023, the Forrests committed an additional $5 billion to their philanthropic foundation Minderoo via a donation of 220 million Fortescue shares, which represented one fifth of their stake.

"This donation will be the biggest in Australia's history by far and takes the Minderoo Foundation's endowment to about $7.6 billion - the largest of Australia's foundations and trusts," Philanthropy Australia said at the time.

"The gift follows on from the Forrests' 2013 pledge to donate at least half of their wealth - the Forrests were the first Australians to sign the global Giving Pledge established by Bill and Melinda Gates."

Pitted against other states and territories, Western Australia led the nation when it comes to giving, KPMG found, recording a whopping 736.7% growth in donation amounts. This averaged to $11,538 per donor.

New South Wales donors made up the largest absolute number of contributors of more than 1.4 million. Their average donation shrank by 18.6% to $1063, while Victorians' average donation declined by 1.9% or $963.

Tasmania had one of the sharpest average donation declines, down 9.9% year on year. The Australian Capital Territory saw a small decline at 7%, while South Australia experienced modest growth, with donations increasing by 1.1%.

The Northern Territory continued to see the lowest average donation at $503.

"Even removing the postcode which included the Forrest's $5 billion donation to Minderoo, WA still recorded the highest average donation at $1160," KPMG urban economist Terry Rawnsley said.

"While the cost-of-living crisis squeezed family budgets and led to a fall in the value of donations it didn't stop the Aussie spirit of generosity as more chose to donate than the previous year."

KPMG also highlighted which affluent areas are the most generous. Affluent inner-city suburbs continued to dominate the highest average and total donation rankings. However, many suburbs pulled back on charitable giving.

Sydney's eastern suburbs and the city and inner south reported average donation declines of 34% and 60% respectively. Melbourne's equivalent suburbs saw a 23% decline in total donations while Brisbane's inner city saw a drop of 57%.

Overall, charitable donations surged to $9.1 billion in FY23 as the number of Australians who had donated to a charity lifted by 216,000 people to nearly 4.5 million.

"While the cost-of-living crisis squeezed family budgets and led to a fall in the value of donations it didn't stop the Aussie spirit of generosity as more chose to donate than the previous year," said Rawnsley.

KPMG tax partner Craig Robinson said while it is not always the main driver for making charitable donations, obtaining a tax deduction may enable taxpayers to be more generous.

"When considering a donation, taxpayers will only be able to claim a deduction for donations to qualifying deductible gift recipients. When considering making donations to international causes, individuals may wish to check whether there is an entity or partner organisation which holds Australian deductible gift recipient status in order to obtain an income tax deduction," Robinson said.

Lendlease will offload the 40% stake in The Exchange TRX, as well as its 60% interest in the office asset valued at RM1.1 billion ($405.6m) to the Valiram Family Office.

Retail and lifestyle business Valiram was established in 1935 specialising in textile trade and now operates more than 350 stores worldwide.

Lendlease will continue to hold a 20% interest in the retail mall and provide asset and property management services to The Exchange TRX assets. It will also retain a 60% interest in the residential land plots and 60% interest in the completed hotel.

Located in Kuala Lumpur's financial district, The Exchange TRX, which spans 17 acres, opened in 2023. It houses retail stores such as Apple, Molton Brown, H&M and Uniqlo, as well as dining, living and entertainment precincts. The Exchange TRX also comprises six residential towers, a hotel and office with a 10-acre rooftop public park called TRX City Park.

The transaction is subject to the satisfaction of conditions precedent and is targeted to complete in the second half of FY26.

Lendlease's chief executive of the investment management division Justin Gabbani said the strong performance of The Exchange TRX highlights the quality and appeal of the precinct, and introducing an established Malaysian partner is a strong endorsement of that success.

"[The] announcement underscores confidence in the precinct's long-term potential and growth, and the quality of assets we've created. Combining our sector expertise with local investment, we are well positioned to build on the precinct's momentum and drive even greater value for customers and partners," he said.

Over 30 years, Lendlease has delivered a number of projects in Malaysia such as the Petronas Twin Towers, Platinum Park and Setia City Mall.

Working exclusively with high-net-worth individuals (HNWIs), family offices and their advisers, the private office will operate with the support of its partners in Australia and New Zealand respectively, McGrath Estate Agents and Bayleys.

Knight Frank and New Zealand-based Bayleys have had a strategic relationship since 2018, and together in June 2024 the two firms acquired a controlling stake in McGrath.

Knight Frank chief executive James Patterson said: "We believe the timing is right given the strong partnerships we have formed in recent years with McGrath and Bayleys, and the high demand from private capital."

"Our offering will be significantly bolstered by not only Knight Frank's global network, but the networks of these partners."

The expansion builds on Knight Frank's other global private offices, including in London, Hong Kong, Singapore, Dubai and Jeddah.

The Australian branch will be headed by Ari Petrovs who has been appointed partner and head of private office. Petrovs brings 30 years of experience in property, including in acquisition, development, sales and asset management.

Knight Frank's recent Wealth Report 2025 found Australia is among the top 10 countries in the world by population of HNWIs. Australia's HNWIs rose by 3.9% over 2024 and the report predicted it to increase by a further 5.3% by 2028.

"Australia's growing wealth landscape has created a clear need for a sophisticated private office offering; one that delivers discretion, strategy and true global reach," McGrath chief executive John McGrath said.

"Through this partnership, we are uniquely positioned to assist the real estate requirements of high-net-worth families and individuals, accessing Knight Frank's international network and deep market intelligence."

Petrovs said Knight Frank will stand apart from competitors through its global network of property specialists and coverage across all sectors.

"As well as giving clients access to our property experts across geographies, Knight Frank also has unrivalled research capabilities to give our clients confidence in their decisions," Petrovs said.

"I look forward to growing our private office in Australia and building on long-term relationships as we act as a trusted partner."

Knight Frank's global head of private office Paddy Dring said: "Our expansion into Australia represents a significant milestone in our ambition to establish a pre-eminent position in the property industry for servicing UHNWIs and providing access to private capital and will bolster our private office offering globally."

Upon completion, SDL will operate as a wholly owned autonomous business with longstanding SDL co-managers, Eric Burns, David Beggs and Chloe Smith, remaining responsible for managing the SDL UK Buffettology and Free Spirit Funds.

EC Pohl & Co's executive chair and chief investment officer Manny Pohl will become chair of SDL and Scott Barrett will become chief financial officer.

"This acquisition of a licensed firm in the UK strengthens EC Pohl & Co's global presence," Pohl said.

"In addition, we saw a strong alignment in investment approach and cultural values in SDL and the current team supported by Eric, David and Chloe has a solid and proven track record of delivering exceptional returns for investors since inception."

EC Pohl & Co is a family office with investments in several companies providing financial services. Individually managed, share portfolio services are provided to sophisticated investors by its wholly owned subsidiary EC Pohl & Co Private Wealth.

Its other associate, ECP Asset Management, offers investment management services to large institutional investors in Australia and to those globally via its ECP Global Growth Fund.

Following the acquisition, ECP Asset Management and SDL will continue to operate as independent standalone entities.

EC Pohl & Co will provide SDL with operational resources and a broader reach without disruption to the team or the funds.

SDL's founder and chief investment officer Keith Ashworth-Lord will remain with the business until next year to ensure a seamless transition before his planned retirement.

"Having known Manny Pohl for some time I'm very confident EC Pohl & Co is the right long-term steward of Sanford DeLand. The most important aspect for me is alignment on investment philosophy and ensuring the SDL investment team maintains decision making autonomy while gaining the backing of a larger, supportive parent company," Ashworth-Lord said.

"Investment continuity is key for us as we start the transition to ensure no disruption for investors in the Buffettology and Free Spirit Funds."

This acquisition follows EC Pohl & Co's acquisition of an equity stake in the UK listed investment trust, Athelney Trust, in 2022.

Appearing on Sky News this morning to discuss this week's changes to Division 296, Mulino was asked whether the government will now turn its attention to family trusts.

In response, Mulino said: "There's no plans to look at anything other than the tax policies that we have on the agenda at the minute."

Instead, he said the government is focused on undertaking consultation on the revised $3 million super tax, saying "it's a complicated set of reforms dealing with superannuation tax concessions in a holistic way".

Speculation has been growing that the government would look to scale back the generous treatment of family trusts as part of its broader tax reform plans.

According to Treasury, 1.7 million Australians received a collective $67 billion in trust distributions in 2024. In FY21, more than 10% of all Australians who completed a tax return reported trust income.

Theories have emerged that the government might look to reduce the capital gains tax discount currently available, or that a flat tax rate of 24-30% would be applied to distributions. Australian Unions has called for a minimum 25% on disbursements from family trusts.

Just last week, the AFR reported that the tax office is concerned there are a growing number of professionals, like lawyers and doctors, using family trust structures to redirect income to their spouses and children. This is a breach of anti-avoidance laws.

The Grattan Institute estimates that reforms to family trusts combined with reduced super concessions, reduced capital gains tax discount and a low tax rate on earnings in retirement could raise $20 billion a year for the government.

Some 43% of chief executives running family offices are aged over 50 and commonly come from an investment management background, the Global Family Office Compensation Benchmark Report shows, which was developed in conjunction with recruitment firm Agreus Group.

Seventy-nine percent of chief executives are male who can earn between US$500,000 and US$625,000 per annum. They typically manage money on behalf of the first (32%) and second generation (38%). Only 6% manage fourth-generation money.

More than a third of the Australian family offices surveyed have between US$501 million and US$1 billion in funds under management (FUM).

KPMG Australia partner for family business and private clients Robyn Langsford said that single family offices (SFOs) are maturing as nearly 60% have been in operation for more than a decade.

"SFOs, like all employers, have felt cost pressures bear on their operations with an increase in reported average operating costs as a percent of FUM. This is not surprising with inflation being a primary driver of salary increases in the sector over the last 12 months," she said.

"Pleasingly, we observed higher female participation rates in SFOs, increasing from a reported 12% in 2023 to 31% in 2025, and the percentage of women playing the CEO role increased from 8% to 2%. We anticipate this trend continuing."

Australian family offices expressed stronger objectives for preserving wealth in this survey compared to 2023.

Nearly 50% also reported an interest in pursuing philanthropic objectives - an 80% increase from two years ago.

In total, the study canvassed 585 family office leaders and professionals from across the world.

"While wealth administration was the most stated objective in our previous report, the 2025 responses show a clear pivot toward wealth preservation," the report said.

"This change signals a more strategic, long-term mindset, as families focus on safeguarding their capital for future generations rather than simply managing its day-to-day deployment. Intuitively, this makes sense as the family office market as we see it today matures along with many of the principals and founders who created the family office."

This article is based on KPMG's Global Family Office Compensation Benchmark Report, which calculates salaries in USD.

InDay is the foundation's annual manager and family office showcase - a curated half-day event for local and global investment managers, family offices, and institutional investors.

This year's keynote address will be delivered by Australian Retirement Trust head of investment strategy Andrew Fisher, while a special keynote fireside discussion will be held with Graham Capital Management chief investment officer - quant strategies Thomas Feng.

The day will also include several panel sessions, covering all aspects of the alternatives market, including public, private and real assets.

Minderoo Foundation's Bruce Tomlinson, Australian Philanthropic Services chair Chris Cuffe and family office adviser Alexandra Campbell will discuss how family offices and wealth managers are balancing their current exposures, as well as the intergenerational wealth transfer.

Meanwhile, MLC Asset Management's Gareth Abley, Future Fund's Craig Thorburn and Mercer's Rebecca Jacques will discuss how they develop and deploy their strategies.

Other topics to be covered include the evolving landscape of private debt and private credit, where it's heading and how it fits into portfolios, and the opportunities around quantitative strategies and futures trading.

The likes of Adam Roberts from Australian Ethical, Talaria Capital chief executive Jamie Mead, System Capital founder Lev Margolin, Bentham Asset Management deputy chief investment officer Nik Persic, and Monroe Capital managing director Mick Solimene will also appear.

The Family Office and Manager InDay is just one event happening at Sydney Alternative Investment Week, running September 22-26 at The Fullerton Hotel Sydney.

To view the full program and buy tickets for the Family Office and Manager InDay - or any other of the SAIW events - head to the event website.

All funds raised go to the Alternative Future Foundation and its four charity partners: Noro Music Therapy, Redkite, Tranby, and Women's Community Shelters.

Goldman Sachs' survey of 245 family offices, including about one quarter based in Asia Pacific, found equities have become favoured amid the geopolitical unrest that is now their key investment risk.

The report, Adapting to the Terrain, showed that allocations to equities rose to 31% from 28% over the last two years. Conversely, alternatives edged down from 44% to 42%.

Shifts in alternatives mainly came from lower allocations to private equity, which was down from 26% in 2023 to 21%. Private credit was up to 4% in 2025 versus 3% in 2023, while hedge funds were steady at 6%.

Private real estate and infrastructure allocations were also higher at 11% as opposed to 9%.

Meanwhile, fixed income was up by 1% to 11% and holdings in cash was steady at 12%.

Furthermore, the survey found that public equity allocations returned to 2021 levels alongside a pullback in private equity, as muted exits weighed on commitments. The most modest change was among family offices in the Americas, which have the largest allocation to private equity at 25% versus 22% in EMEA and 15% in APAC.

Lower holdings in alternatives is in contrast to other surveys, such as BlackRock's recent study, which showed that geopolitical uncertainties are forcing family offices out of US equities and diversifying into alternatives.

Commenting on the findings, Goldman Sachs co-head of global private wealth management Meena Flynn said family offices have shown extraordinary consistency in their investment approach despite expressing concerns about geopolitical tensions and protectionist trade policies.

"Market dislocations, dispersion, and outperformance in public equities created an attractive opportunity set relative to private equity, which saw a still robust allocation, albeit decreased from 2023 to 2025," she said.

Over the next 12 months, family offices said they will keep allocations stable. Some 39% expect to increase allocations to private equity and continue their steady commitments, albeit at a slower pace.

About 38% will increase allocations to public equities and 34% plan to reduce cash balances and redeploy capital into risk assets.

About one quarter intend to increase private credit investments, reflecting an appetite for yield and bespoke financing solutions.

Nearly all the 144 Asia Pacific family offices surveyed feature sustainable investments in their portfolios. About one in five (17%) allocate more than half of their portfolio to sustainable opportunities.

Many are strongly committed to impact investing and want their money to contribute to solving issues, while other family offices said they want to maximise or support entrepreneurs.

Alternatives continue to prominently feature in portfolios, as venture capital and private equity remain the most popular asset classes. About one quarter (25%) of all respondents allocate to alternatives while direct investment into ventures comes in second place at 22%.

Nature-based solutions, biodiversity and regenerative practices are top of mind for many family offices in terms of investment themes.

Food and agriculture, healthcare, and circular and innovative materials are other important themes.

SFI chief executive Katy Yung said the results show real and genuine commitment to sustainable investment.

"Our survey in 2024 showed promise, but these figures demonstrate that family offices have not only maintained their focus but have refined their strategies to capture the twin benefits of social impact and robust returns. Our community's resilience exemplifies the forward-thinking approach that continues to drive this sector," Yung said.

The top challenge family offices face in this arena is identifying quality deal flow with viable exit options - an issue for 21% of them.

Some other challenges are the insufficient knowledge of impact measurement and management (14%) and impact investing not perceived as profitable (14%) and conducting due diligence (13%).

"From last year's early signals to this year's robust and refined data, our findings underscore the dynamism and determination of family offices in Asia Pacific," Yung said.

"The evolution in geographic focus, thematic priorities and asset allocation speaks to a maturing investment approach that marries societal impact with financial rigour. As we move into the final months of 2025 and look ahead to 2026, I am confident these trends will drive even greater positive change for investors and society alike."

Private Wealth Advantage is a multi-asset class wealth offering that includes managed accounts, managed funds, alternatives, direct equities, domestic and offshore listed ETFs and equities, and wholesale fixed income.

Commonwealth Private clients typically have a household income of more than $450,000 per year and invest or borrow $2.5 million or more.

CBA executive general manager for wealth and private Susie Grehl said Private Wealth Advantage is targeted at wholesale self-directed investors who value exclusive access, value and control, but also care about the personalised service and support they can get from an investment director.

"With Private Wealth Advantage, our wholesale investors can make their own investment decisions. Clients can access a wide range of quality investment opportunities, which have been researched and reviewed by a professional investment team," she said.

"This helps our clients to take an active role, while benefitting from the high-quality service clients expect and enjoy from Commonwealth Private."

JPMAM chief executive for Australia and New Zealand Andrew Creber commented: "As a leader in active management, with fiduciary responsibility at the heart of what we do, entering into a strategic alliance with a leader in private wealth is a natural fit. Our organisations share aligned goals and value."

The inaugural 2025 Centuria Bass Private Real Estate Credit Index surveyed more than 100 Centuria Bass Credit (CBC) investors, most of whom comprise family offices and UHNW/HNW individuals.

According to the research, 76% of respondents said they would increase their private real estate credit investments over the next year. More than half of the respondents confirmed they were likely to increase their investment in private real estate credit by 10% to 25% in the coming 12 months.

When citing reasons for investing in private credit, most (54%) said they were attracted to the returns while 26% were attracted to the security.

According to the research, most investors in the space already hold multiple investments across different credit managers.

Centuria Bass said the investment sweet spot is between $250,000 to $500,000 with 42% of respondents saying it was their preferred investment size for each opportunity.

Centuria Bass managing director - funds and distribution Yehuda Gottlieb said family offices and UHNW/HNW individuals have supported private real estate credit for many years.

"Generally, the family office money is the smarter money because their capital can influence lending decisions. Being private also means family offices are not swayed by public markets and short-term thinking," Gottlieb said.

"Because it's a family investment, often these investors take a long-term view and see through market variability. There is often a more personalised approach, too, meaning a family office may invest initially because they are attracted to the underlying property."

In line with the research, Rivkin Private Wealth managing director Thomas Silitonga said the wealth manager has steadily increased its investment in private real estate credit over the past four years and now has around $400 million invested in the sector.

Private credit now represents approximately 30% of Rivkin's assets under management, with a larger focus on alternative investments.

Silitonga said it has reduced exposure in equities and allocated more capital to alternative asset classes, in particular private credit, half of which is real estate debt.

"Capital preservation is a top priority for Rivkin investors and one of the key factors that resonates with them is knowing their investment is backed by property-especially since many have built their wealth through real estate," Silitonga said.

"They're not looking to shoot for the stars or to take unmitigated risk. Our investors expect a thorough due diligence process that ensures rigorous asset selection and structuring, protecting capital while enhancing income potential across varying market conditions."

Global family offices find themselves in "risk-management mode" as more than two-thirds (68%) are scrambling to diversify their assets.

The majority (84%) said the current geopolitical uncertainty is the most important issue for them and is a critical factor in their capital allocation decisions.

Alternatives are benefiting from increased allocations and now make up 42% of single-family office portfolios, up from 39% in 2022.

Private credit and infrastructure specifically are the most-favoured alternatives. Nearly one-third (32%) of family offices intend to increase their allocations to private credit (32%) and infrastructure (30%) in 2025-26.

Infrastructure is also gaining strong momentum, with three-quarters (75%) of respondents feeling positive about the prospects for the asset class.

BlackRock head of the Americas institutional business Armando Senra said with 60% of family offices pessimistic about the global outlook, confidence has been further shaken by new US tariffs.

"Family offices are now prioritising diversification, liquidity, and structural reassessment of risk as they build resilience in their investment portfolios," he said.

Many of the 175 single-family offices surveyed, which collectively have US$320 billion in assets, want to collaborate with external partners, especially when it comes to private markets.

More than half noted gaps in their internal expertise around reporting (57%), deal-sourcing (63%), and private-market analytics (75%).

Around one-quarter (22%) have used an outsourced chief investment officer (OCIO) or would consider doing so.

The majority would also consider using artificial intelligence (AI) for a variety of tasks from risk management to cash-flow modelling.

Nearly half (45%) are more likely to invest in technology firms building AI solutions (45%) or in investment opportunities they believe will benefit from the growth in AI (51%), than they are to deploy AI tech internally to improve the investing process (33%).

In the consultation paper Giving fund reforms: Distribution rate and smoothing, the government also wants to rename ancillary funds to "giving funds" and increase the annual distribution rate.

"The increased distribution rate will not apply for five years after amendments are made to the ministerial guidelines. This allows funds to adjust their investment strategy, if necessary, in response to the new rate," the paper read.

A giving fund is also known as an ancillary fund under tax law and is a trust set up and maintained solely for the purpose of providing money, property or benefits to deductible gift recipients (DGRs).

Two types exist: private giving funds (PGFs) and public giving funds (PuGFs).

PuGFs make a minimum distribution of $8800 or 4% of the fund's net asset value at the end of the previous year, whichever is greater. The minimum distribution for PGFs is the greater of $11,000 or 5% of the fund's net asset value.

The proposed reforms are off the back of Productivity Commission's recommendations in the Future foundations for giving final report and the Blueprint Expert Reference Group in its Not-for-profit Sector Development Blueprint.

In its review, the Productivity Commission did not give a preferred minimum annual distribution rate. Instead, it suggested a rate between 5-8% is appropriate. It recommended aligning the distribution rate for PGFs and PuGFS and providing five years' notice before any new distribution rate applies.

Labor said it broadly agrees with the Productivity Commission's principles and suggested range of rates.

Treasury is holding roundtables and wants participation from giving funds, charities that receive support from giving funds, advisers to funds and charities and peak bodies. They have until June 20 to express their interest.

Other interested parties can make submissions until August 1.

The number of Australian billionaires has risen from 74 in 2015 to 161 in 2025, according to the anti-poverty organisation's analysis of the Australian Financial Review Rich List.

Its analysis exposed that the total wealth of Australia's 200 richest people has grown by 160% to $667.8 billion over the past decade. Property is the primary engine of their riches, followed by retail, investments, and mining/resources.

Oxfam also revealed that the average 'Rich Lister' now holds more than 116,000 times the wealth of an Australian in the bottom 50%. Notably, the average wealth of someone in the bottom 50% of the wealth spectrum has flatlined over the decade, averaging $28,000 - "leaving them with little prospect of home ownership," it said.

Its analysis found that 99% of rentals are out of reach for full-time minimum wage earners, while homelessness is a reality for over 120,000 Australians on any given night.

"This level of inequality is not just morally wrong - it's economically and socially dangerous. While millions of Australians are struggling to make ends meet, the country's richest continue to amass eyewatering fortunes, often without lifting a finger," Muli said.

"The single most urgent, structural, and strategic action that the Australian government can take now is to rapidly and radically reduce the gap between the super-rich and the rest of society. We can't allow billionaire wealth to continue to rise unchecked while two million Australian households struggled to put food on the table... and struggle to pay bills."

She said Oxfam supports the proposed reform to reduce tax discounts on super balances above $3 million, which is "an important step forward in reducing growing inequality."

"To improve the integrity of our progressive tax system, we want to see superannuation and other tax loopholes closed for big corporations and the richest 1%," she said.

"This is the most effective tool we have to ensure a more fair and equal society.

"When tax loopholes are closed for the wealthiest, there will be more money in the budget for healthcare, affordable housing, action on climate change and ending poverty."

Established in May 2015, Mercury offers a range of financial services from investment advice, asset protection, tax structuring, succession, estate planning and philanthropy to high-net-worth individuals.

Ironbark head of private wealth Jason Harwood said the acquisition was a step forward for Ironbark in its mission to build a national HNW advice business.

"Mercury has a reputation for comprehensive service and advice, and an experienced, long-standing team that has looked after their clients for many years," Harwood said.

"Ironbark's vision is to be the trusted partner for holistic advice and investment solutions and Mercury's philosophy of deep understanding of clients' goals, combined with personalised strategies, aligns with that vision.

"We are excited to welcome not just the clients and people of Mercury but their expertise and insights as we continue to build our business."

Mercury principal adviser and founder Tim Eustace said the business had been looking for a partner that would be the right fit.

"Our focus has always been on delivering for our clients. After a strategic review we felt that we needed a new partner who wanted to invest in the HNW space and bring new leadership and innovation to our business," Eustace said.

"Whilst we saw many worthy potential capital partners, Ironbark was the clear standout. Ironbark is led by industry experts and, unlike others, is backed by permanent capital so they are focused on building a long-term business.

"Our philosophy is to develop long-term relationships of enduring quality with our clients. And we do this through our people who all share a passion for delivering the highest level of professional service. Ironbark shares this passion, and our team is excited to play a part in the ongoing evolution of the Ironbark Private Wealth business."

However, despite this relative loyalty, more than one in five investors still plan to shift over half of their portfolio away from their primary wealth manager within the next three years.

The report, which surveyed approximately 3600 wealth clients worldwide - mass affluent to ultra-high-net-worth individuals (UHNWI) - said these expected portfolio changes underscore the continued need for wealth managers to continue to evolve their offerings.

While investment performance is the primary factor investors identified when selecting their primary wealth manager, the report noted it "isn't a realistic differentiating factor."

Instead, firms should focus on inhibiting and taking advantage of switching decisions influenced by behavioural factors.

Investment performance aside, the report said differentiators such as brand reputation, digital tools, access to specialists, and value-added advice are "equally relevant."

"... they're all areas in which wealth managers can sharpen their value propositions through exceptional advice and client management," the report said.

The report also noted increased volatility in global markets will heighten the importance of engagement and carefully tailored advice from advisers to retain trusted relationships.

It said, "advisers should be mindful" that 56% of Gen X investors and 47% of millennials indicate volatile market conditions prompt them to take greater control of their portfolios.

EY regional wealth and asset management leader Rita Da Silva said the survey suggests that Australian investors continue to value strong relationships with their wealth managers.

"Locally, our robust regulatory guardrails and the work the sector has done to build trust following the Financial Services Royal Commission has gone a long way to creating an environment where investors are less likely to be considering a shift in primary providers," she said.

"However, with client expectations continuing to evolve in the face of greater market volatility, and the potential impacts of the Quality of Advice Review on the local industry yet to fully play out, it's essential that wealth managers keep pace with these changes..."

Notably, full-service banks are the most common primary adviser for Australian investors (23%), followed by private banks (19%). Private bank usage in Australia is higher than both global and Asia Pacific levels, where it stands at 13% each.

That's according to the latest Global Family Office Study from UBS, which found 55% of APAC family offices are planning to invest more in their own backyard. Some 30% said they'd also invest more in Greater China in the next five years.

In the short term, 22% of APAC family offices said they'd increase exposures to India and Taiwan over the next 12 months, while 39% will boost investment in Mainland China.

The preferred asset classes for family offices in APAC are bonds and equities, with 48% planning to increase their investment in developed market equities and 40% looking to allocate more to emerging market equities in the next five years.

In 2024, the average APAC family office allocated 24% to equities and 20% to bonds from developed markets.

The report noted there is caution among APAC family offices, with the region's family offices holding an average of 12% in cash or cash equivalents. This was prior to the outbreak of the trade war in April and is 8% higher than the global average.

As for whether or not APAC family offices are investing actively or passively, the report found the region had the smallest proportion of passive investors - just 22% of family offices are managing their equity portfolios passively. This is compared to the US, where it's most common, at 56%, and the global average of 36%.

London-based Fairway Capital has won the investment adviser and manager mandate to redevelop Crown Golf, Bangarra Group's real estate portfolio comprising eight major golf courses.

The project aims to enhance the asset value of the real estate portfolio by retaining many golfing facilities and aligning housing opportunities with the UK's Labour Party's pledge to build 1.5 million new homes over its first five years in power. The redevelopment touted to be worth £1.25 billion is expected to take up to six years.

Fairway Capital said it has identified that the Crown Golf portfolio can assist with the UK government's delivery of much needed affordable housing with sites at many urban areas offering the potential to deliver close to 1000 affordable homes.

Crown Golf covers 1432 acres across Greater London, the South-East and South-West of England and includes the flagship St. Mellion Estate in Cornwall. It employs more than 500 staff and has annual turnover of about £18 million.

Crown Golf Group chair Campbell Fleming and Bangarra Group executive chair Anil Nair said: "Fairway Capital has substantial real estate investment, planning and design expertise and a proven track record in managing housing delivery. Both companies have an entrepreneurial approach and shared strategic vision for the portfolio and Fairway Capital will help ensure that development

proposals are aligned with Labour government and local planning policy, which is the key to successful housing delivery."

Jeff Chapman, who founded Bangarra Group in 2000, also owns Bennelong Funds Management, which has total assets under management of £5 billion. Bangarra Group operates in Australia, Europe and the US.

Fairway Capital chief executive George Brooksbank said: "Our review of the estate and the number of new market sale and affordable homes that could be provided is still at an early stage so our calculations are merely a broad guide at present, and could be more or less, subject to planning and other variables. However, the potential housing provision is substantial, so we are all excited about the journey and partnership that has commenced."

Fairway Capital recently won a planning approval from Westminster City Council for a new £50 million housing and office development in a London conservation area.

It's a big change for the foundation which, when established in 2000, was done so with the charter that it would continue for several decades after the death of Gates and his then wife, Melinda.

Now, Gates says he has realised the foundation can achieve its goals much sooner if it doubles down on key investments and offers its partners more certainty.

"Over the next two decades, we will double our giving. The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045. This figure includes the balance of the endowment and my future contributions," Gates said.

"Over the next 20 years, the Gates Foundation will aim to save and improve as many lives as possible. By accelerating our giving, my hope is we can put the world on a path to ending preventable deaths of moms and babies and lifting millions of people out of poverty. I believe we can leave the next generation better off and better prepared to fight the next set of challenges."

He said the foundation's giving over the next two decades will be guided by three key aspirations: that no mother, child or baby dies of a preventable cause; the next generation grows up in a world without deadly infectious diseases; and millions of people break free from poverty, putting more countries on the path to prosperity.

These will be achieved through vaccine and treatment development, and through enhancing access to education and high-quality nutrition sources.

In relation to infectious diseases, Gates said he expects polio and Guinea worm will be eradicated in the next couple of years, and that by the time the foundation closes, malaria and measles will also be added to that list. He also believes there will be even more progress made in the treatment of HIV/AIDS and tuberculosis.

On education, he said it remains the number one focus of the foundation in the US. The foundation is funding initiatives to increase graduation rates and providing support to public schools, particularly to assist in overcoming barriers facing Black and Latino students.

The foundation is also working with farmers to develop new, more resilient seeds to continue to yield crops as more difficult climate conditions are experienced, and is funding public digital infrastructure to ensue people always have access to financial and social services that foster an inclusive and equitable economy.

"As Microsoft turns 50 years old, it feels right that I celebrate the milestone by committing to give away the resources I earned through the company," he said.

"A lot can happen over the course of 20 years. I want to make sure the world moves forward during that time. The clock starts now-and I can't wait to make the most of it."

According to Alvia, Australia's ice cream market has more than doubled in value since 2012, now exceeding $1.5 billion.

The family office also reported a 41% increase in "indulgent products" over the past year.

The firm said that the demand for comfort, nostalgia, and small luxuries continues to rise, and that ice cream cones remain a key beneficiary of this enduring trend.

Alvia Private Capital partner David Browne said the investment in Altimate marks a "significant milestone" for Alvia Private Capital, and its increased focus in the space.

The private capital sector in Australia is estimated to be worth $200 billion.

Browne said Altimate typifies much of its investment strategy as a business with strong market position, high-quality and great-value products, and a first-class management and founder team.

"We take a long-term partnership approach with our private market companies, working closely alongside management to drive sustainable growth and value creation..."

Alvia chief executive Nathan Robertson said the firm achieves true alignment by personally investing alongside its clients in every opportunity.

Robertson said this ensures the firm's own success is intrinsically tied to the outcomes it delivers for clients, adding that this fosters a culture of accountability, capital preservation, and long-term value creation.

"Our investment in Altimate exemplifies our disciplined, long-term investment philosophy, where we focus on businesses with strong fundamentals and resilient profitability," he said.

Altimate was founded in 1993 by three brothers Joe, Pat and Michael Rizzo, alongside their father Frank. Its products are sold in over 3600 locations, including Woolworths, Coles, Aldi, QSR chains, and independent ice-creameries.

Altimate managing director and founder Joe Rizzo said the business anticipates significant growth as it continues to provide an "affordable indulgence" for consumers.

Rizzo said Alvia is ideally placed to assist the business and its team in scaling to meet strong customer demand.

The research conducted by familyofficehub, a provider of global family office research based in Munich, found that 52.7% of the total 2079 single family offices analysed invest in real estate.

Family offices from Europe, North America, Asia Pacific and Middle East took part in the study. The US leads the way for real estate-focused single family offices, followed closely by Germany.

Residential, office and retail buildings are the most popular property types. Logistics, hospitality, and light-industrial assets are also prominent.

The continued popularity of real estate reflects its enduring appeal as a vehicle for wealth preservation and growth, familyofficehub said, as the tangible, income-generating asset real estate provides an attractive alternative to more volatile capital market investments.

The study also highlights differing activities of global family investment vehicles in the real estate sector.

Many family offices hold existing assets, which are often based on the entrepreneurial activities of the family, and selectively purchases new properties. Meanwhile, an increasing number of family offices is also actively investing in new assets.

Overall, real estate remains a key component in hedging against inflation, enabling families to maintain long-term value and support intergenerational wealth strategies.

The family offices studied typically work together with external real estate investment managers.

Familyofficehub lists Grok Ventures as one of the largest family offices alongside the French family office Téthys Invest, Belgium's Verlinvest, the Segal family's Prairie Management Group from the US, and Singapore's Sassoon Investment Corporation.

The second edition of the State of Collectables 2025 Report, compiled in conjunction with Deloitte Access Economics, found that coins (34%), toys (33%) and pre-loved fashion (26%) are the most popular among Australian collectors.

Profiting from collectables reached a median $13,000 over the past three years. The 2023 report found that the estimated median profit was between $5000 to $10,000.

The latest study found that the most-expensive trading card sold on eBay Australia was a 1999 Pokémon Base Set 1st Edition Shadowless Holo Charizard #4, purchased for over $62,000.

The Eminem B-Rabbit 8 Mile 1052 Funko Pop and LEGO Star Wars Cloud City saw their average sale prices on eBay over the last three years jump by 100% and 55% respectively.

While collectables represent a small portion, they continue to be popular in the SMSF sector. Australian Taxation Office (ATO) data for December 2024 shows that SMSFs had $683 million invested in collectables and personal use assets, accounting for only 0.07% of the total $981 billion sector.

Specialist SMSF adviser at Sonas Wealth Liam Shorte said collectables are for those who are "total experts in those areas."

"The people who invest in our self-managed super funds in collectables are normally antique dealers or art dealers, or people who've got a really good understanding of those markets. They may be somebody who works in the precious metals area, whether it's bullion and coins and assets like that," he recently told Financial Standard.

Shorte added that some of these investments can be hard to value every year for auditors and investors put a lot of pressure on themselves each year to be able to provide the information required to their assets audited and passed.

"If anybody's lucky enough to get into those quirky areas, the first thing they should be doing is asking their auditor what they would require at the end of each year in order to audit their fund," he said.

Meanwhile, digital platform for classic and collector car Retro Rides is seeking interest for its first investment round to raise $500,000 to scale the business.

Retro Rides co-founder Cameron Jurd said the platform offers investors, car enthusiasts, and dealers an opportunity to be part of a high-growth digital disruptor in a sector valued at $9.9 billion.

Since launching its market trial in August 2024, Retro Rides has recorded more than 320,000 page views and attracted over 264,000 unique visitors.

The results point to a high level of engagement from the classic car community and significant growth potential, Jurd said, who is calling on like-minded car lovers who can potentially become a strategic partner.

Speaking at the two-day event held in Sydney, Alberts executive director Ingrid Albert said her family business' "pioneering spirit" has been an enabler of its success and aims to apply this ambition to its impact investing endeavours.

The 120-year-old family business with roots in the music industry now holds a diversified portfolio that spans the arts and entertainment. This includes music publishing, music recording, radio, film production and television. It retains music catalogues and operates The Tony Foundation and music education initiatives.

Albert, who is a fifth-generation family member, told the event that previous generations were able to adapt and change and seize opportunities in music publishing, radio and television by being "at the forefront of change and looking for those opportunities ahead".

"That is something that definitely remains a fundamental principle for us today," she said, noting that the business' values and principles filter through how it invests.

"What we put on top of the capital, which is fundamental to us, is an impact framework. We have four key areas that we are looking to try and move forward with an impact in all those different ways of deployment: sustainable environments, equality, healthy minds, and vibrant culture," she said.

Alberts Impact Ventures, backs pioneers that disrupt and create real change across the environment and social areas.

Verve Super, B2B food technology company HarvestB and digital hypnotherapy Mindset Health are some of the companies in its portfolios.

"We are looking there for high returns, high growth, and deep impact. It's not just a philanthropic [focus]... So that's one way we thought about deploying capital within the VC area," she said.

About six years ago, The Tony Foundation only had about 5% of its remit driving deep impact, while 95% was "being invested without much consideration towards impact".

Albert said such a shift wasn't easy and took time as it required fundamental changes to the business, and new staffing requirements, investment committees and frameworks.

"Within that, we put what we now call a 'total impact portfolio approach' across our foundation, which means we consider impact in every single decision alongside financial returns. We still seek a market rate, risk-adjusted return...[but] also need to create 'good returns', but we believe we can do both," Albert said.

At the Siddle Family Office, chief executive Charlotte Siddle told the summit that when it comes to impact investing, it is important to align the values and principles of both generations. Communication is also key.

For example, discussing the screening out of nuclear investments tends to start off on the wrong foot.

"We focus on 'screening in'. What can we align across generations? What are the things that we want to do, and really focusing on that rather than focusing on the things where there might be a disagreement," Siddle said.

"The minute you start thinking about [investments] that you're going to screen out, there's opportunity for conflict immediately, because you're talking about often controversial topics," she said, noting that the language used and how it is framed makes a difference.

"The language of impact investing in our family didn't resonate and doesn't resonate. Every time it got used, it raised the heat around the disagreement, which is, 'I'm not so sure about that', and 'what do you define as impact?' etc. So, we've moved away from that language and trying to focus on the language of sustainability," Siddle said.

Conversations, she explained, focus on how to make smart investment decisions that are going to be sustainable into the future?

"How are we thinking about the sustainability of the business models that we're looking at, and how are we thinking about the people leading the organisations?" she said.

"That seemed to resonate for both generations, but it's a journey, and it's going to take a really long time. I am cognisant that there's always going to be areas where we agree and disagree... My effort is focused on where we do agree and spending more time on that and spending less time arguing."

Financial Standard is a media partner of the 2025 Impact Investment Summit Asia Pacific.

HeirWealth provides asset analysis spanning 40 different classes, including traditional investments like shares, funds and property, as well as non-traditional assets such as collectibles.

Meanwhile, HTL Private Office, part of HTL Property Group, provides advice on real estate acquisitions, business ventures, and investments across all asset classes.

HeirWealth chief executive and founder Ray Tubman said the partnership will provide the Sydney-based broker detailed information about its clients for better insights and services.

It is expected that round $3.5 trillion will swap hands in the wealth transfer in Australia over the next 20 years, and Tubman noted HeirWealth's offering has become imperative for advisers to foster "enriching long-term client relationships".

"By simplifying data consolidation and minimising manual effort, HeirWealth empowers advisers to manage wealth seamlessly and create opportunities for deeper client relationships to be developed," Tubman said.

"The platform connects seamlessly with 20,000 financial institutions globally, automating the aggregation of wealth data into its comprehensive registry platform.

"It offers customisable white-label solutions for financial advisers, wealth managers, accountants, lawyers, and other professionals."

HTL Private Office co-founder Vasco Duarte said the partnership will help the firm to navigate the "evolving landscape".

"As we move into a new era of wealth management, this partnership will allow us to offer an even more tailored and seamless experience for our clients, empowering them to make well-informed, long-term decisions for their families and businesses," Duarte said.

"We recognise that for many of our clients, preserving their wealth is just as important as growing it.

"Our approach is centred on understanding their goals and objectives - whether it's securing an opportunistic acquisition, ensuring steady investment returns, managing intergenerational wealth transfer, or carefully navigating market risks - so they can confidently make informed financial decisions," Duarte said.

The platform currently offers access to US$150 million worth of investment-grade assets including rare handbags, fine wines, rare whiskies, classic cars, and luxury timepieces.

Global luxury spending has been growing steadily at an annual rate of 5-9% and is forecast to reach between $2.1 trillion and $2.6 trillion by 2030, according to Bain & Company.

Yet, despite this boom, luxury products and high-end collectibles have remained largely overlooked as investment assets in wealth management, according to MUSE.

MUSE said that's because product valuations have typically relied on auction sites, outdated appraisals, and industry word of mouth. Meanwhile, the secondary market remains opaque, relying on outdated manual processes that lack transparency - raising the risk of counterfeit goods. It also said that banks and investment houses don't recognise that these products are assets, making them difficult to leverage financially.

Its platform, however, addresses some of these challenges by providing investors with AI-powered, real-time valuations based on big data, auction records, and global price trends.

Unlike traditional luxury or high-end collectible purchases, where asset valuations can fluctuate on the open market, MUSE only allows real assets with "investment value," it said.

It also offers digital certification "ensuring asset authenticity and provenance tracking."

Regarding benefits for suppliers, MUSE said the platform provides sellers with access to high-net-worth buyers and family offices, along with opportunities to cross-sell across multiple asset categories. Suppliers can also earn lifetime resale commissions - receiving ongoing income each time an investment-grade asset appreciates and changes ownership.

These transactions are securely tracked through proprietary blockchain technology.

"Our goal at MUSE is to connect investors and buyers to the world's leading suppliers of measurable and bankable investment-grade assets," MUSE founder and chief executive Michelle Zhang said.

"With the official launch of the MUSE digital platform and app, our journey towards redefining luxury and high-end collectibles as an investment-grade asset class begins."

According to the report, Australia ranks ninth for HNW population, at 1.8% of the population, or 42,789 HNWIs.

Knight Frank said a survey of 150 family offices found wealthy investors are keen to broaden their exposure to real estate, a sector they view as offering both growth potential and wealth preservation.

In Australia the top three real estate sectors for investment moving forward are industrial (42%), data centres (21%) and infrastructure (18%), compared to living sectors (14%), industrial/logistics (13%) and luxury residential (12%) globally.

In Australia, 31% of family offices surveyed reported they would increase their portfolio allocation to direct real estate over the next 18 months, with 19% planning to reduce their allocation. This compares to 44% and 10% respectively globally.

The Australian survey results found that the top objective for investing in property was growth and capital appreciation (48%), followed by income generation (21%) and wealth preservation (21%).

In terms of portfolios, some 70% of real estate investment is domestic, with the most domestically minded family offices based in New Zealand (93%), Australia (90%) and the US (86%).

"Despite concerns over the recent downturn in commercial property markets, more than 30% of respondents expect to increase their exposure to real estate over the next 18 months. From the family offices surveyed its evident investors are increasingly conscious that they can now acquire assets at an attractive entry point off the back of the downturn and with strong prospects of cyclical recovery in the medium term," Knight Frank chief executive James Patterson said.

"The sector preferences of family offices highlight the widespread desire to raise their allocation to the industrial sector, and also to access the nascent data centre market. However, allocating capital to data centres is far more challenging than traditional sectors, and we expect to see more private investor activity in the deeper and more liquid office and retail markets."

The 2025 Australian Family Office report, written in conjunction with family office network The Table Club, shows that the use of technology has increased the capacity to manage complexity both across various legal entities, ownership, and portfolio composition.

Of the 58 family offices surveyed, the majority (79%) reported having greater clarity with regards to portfolio performance after increasing their technology use. Some 45% confirmed technology is specifically used for portfolio management reporting.

KPMG found that the number of family offices used a combination of solutions for different asset classes where performance reporting could be nuanced. Privately held illiquid positions such as limited partners' interests in private equity or the carried interest of general partners are some examples.

Nearly half (45%) of family offices are considering generative artificial intelligence (AI) to streamline reporting. However, only 8% of family offices have started using generative AI.

"We have seen an extraordinary increase in the number of family offices being established in Australia. At the same time, there has been an increase in the issues they are facing into and the need for specialist support, particularly with regard to their office infrastructure," KPMG partner and the report's co-author Robyn Langsford said.

Thirty-six percent of respondents said the primary motivation for using technology was to reduce overall costs. But the majority agree that technology increases office efficiency and productivity.

Langsford said that family offices ultimately remain a vehicle for securing the financial future of the family and preserving its legacy.

"To achieve this goal, they are recognising the need to leverage technology, to improve efficiency, enhance decision making, and mitigate risks. Technology is now a powerful driver of growth and productivity. It can also help family offices access new opportunities, new sources of expertise, data and insights, as well as offering the opportunity to collaborate more effectively with external partners and stakeholders," she said.

Of the 58 family offices surveyed, the majority (79%) were single-family offices, and the others were either multi-family offices or embedded within the framework of an operating business.

About one quarter had assets between $250 million and $500 million, while a similar number had between $500 million and $2 billion.

The average number of staff working in the family office was 7.4, including 1.36 family members.

Climate Tech Partners was founded by Patrick Sieb and Tom Kline, who bring more than 35 years of combined experiences across large corporates, startups, and government.

Having worked in the US and Europe, the pair have built strong industry networks in energy, infrastructure, and venture capital, which they leverage to attract corporate partners and deal flow across the climate technology ecosystem, a statement from Climate Tech said.

Climate Tech Partners is nearing its $45 million target first close, with commitments of over $35 million including both an institutional investor and a corporate, set to be announced in the coming weeks.

The fund plans to invest in about 15 early-stage companies in Australia and overseas developing solutions in energy, power, transport, logistics, and industrials.

Climate Tech Partners focuses on identifying the transition technology needs of large corporates. It then sources and invests in technology companies that meet those requirements, which it said helps de-risk investments and supports corporate innovation.

Besen met with over 30 potential managers before selecting Climate Tech Partners.

In a statement provided to Financial Standard, Besen said that Climate Tech Partners "wasn't just another tech VC."

"Besen liked that CTP's model is aiming to solve a key challenge which is scaling these technologies. CTP's differentiated model seeks to derisks venture investing by partnering with industry to both find the best opportunities where there is real demand and then accelerate those companies with corporate trials and contracts" the statement said.

Besen Family Office chief executive Duncan Murray said just as the internet and mobile communications were "the two big tectonic investment plates" that emerged this century, AI and the energy transition are likely to be the two that will define the coming decade.

"When you invest in PE, enterprises that are later in their life cycle, you tend to take narrow and deep positions. Investing with Climate Tech Partners at the venture stage provides a diversified exposure to innovation and likely winners that are coming through," he said.

Besen also said there are significant macro drivers for climate tech - corporates and investors are particularly focused on both new technologies in the hard to decarbonise spaces but also solutions to scale existing technologies.

"The new US government has created a lot of noise but with a few exceptions, like offshore wind, the current environment remains positive. We are focused on energy, transport and heavy industry, including mining. These sectors align very well with fundamental and bipartisan thematics around energy security, domestic manufacturing, national resilience and independence," it said.

"Increasingly the economic fundamentals driven in large part by dropping power and battery costs combined with a convergence of technologies mean that electrification and new technology solutions are cheaper and more efficient in addition to being better for the planet."

More than $100 trillion of capital is expected to be allocated to the energy transition globally by 2050.

Climate Tech Partners is targeting over 20% internal rate of return net of fees.

Binance Labs, which was the venture capital arm of major cryptocurrency exchange Binance, said it is marking its independence and broader investment focus under the leadership of Ella Zhang, who returns to the group as head of YZi Labs.

YZi Labs' new investment strategy encompass three core sectors: Web3, artificial intelligence, and biotechnology.

Binance founder Changpeng Zhao (CZ) will mentor and coach startup founders, while Zhang will oversee the firm's next growth phase.

"The organisation is set to reintroduce in-person incubation experiences, offering a 12-week residency designed to foster collaboration, mentorship, and hands-on development for startups," CZ said.

"Rebranding to YZi Labs signifies our ambition to push the boundaries of innovation beyond crypto. With Ella's leadership, we aim to support visionary founders who are building the future in Web3, AI, and biotech."

Last April 2024, CZ was sentenced to four months in prison after pleading guilty to violating US money laundering laws. He also stepped down as chief executive of Binance and paid a massive fine.

Locally, ASIC is taking Binance Australia to court alleging it denied more than 500 retail clients important consumer protections by misclassifying them as wholesale clients.

ASIC alleges from 7 July 2022 to 21 April 2023, Binance offered crypto derivative products to 505 Australian retail investors who were misclassified as wholesale clients, representing 83% of its Australian client base.

The 47 billionaires based in Australia saw their wealth rise by more than 8% or $28 billion last year, the Takers Not Makers report shows.

Oxfam found that billionaire wealth is largely unearned and is bestowed by inheritances. This is layered with the historic and ongoing impacts of colonialism, comprising the two major drivers of billionaire wealth accumulation.

"In Australia, 35% of billionaire wealth is inherited, and the impacts of colonialism's deeply harmful and divisive racist legacy can be seen here today, where a third of the First Nations peoples are in the poorest 20% of the population," Oxfam Australia chief executive Lyn Morgain said.

"As the federal election looms, it's critical that our political leaders take bold steps to ensure the super-rich pay their fair share of taxes, so we can fund essential services like healthcare, education, and climate action - and build a fairer society for all."

On the global stage, Oxfam found that the richest 1% in the Global North extracted $46.1 million an hour through financial systems from the Global South in 2023, further increasing and entrenching deep inequality between nations.

In 10 years' time, Oxfam predicts that the world will have five trillionaires.

Forbes estimates that Elon Musk is worth US$433 billion, while Jeff Bezos, Larry Ellison, and Mark Zuckerberg have more than US$200 billion respectively.

Global billionaire wealth grew by $3 trillion in 2024, the report read.

"The crown jewel of this oligarchy is a billionaire president, backed and bought by the world's richest man Elon Musk, running the world's largest economy. We present this report as a stark wake up-call that the futures of the vast majority of the global population are being crushed by the enormous wealth of a tiny few," Morgain commented.

Conversely, the World Bank calculates that the number of people living in poverty has barely changed since 1990.

Another Oxfam poll of 2902 millionaires from around the world reveals that 63% think the influence of the super-rich on the Donald Trump US presidency is a threat to global stability.

Two-thirds of millionaires think the super-rich interfered inappropriately in the US election.

Over 70% agree that the super-rich disproportionately influence public opinion through the control of media and social media, leverage the law in their own favour, and buy access to policymakers.

The CoreData research obtained by Financial Standard seeks to capture shifting sentiment, trends, and responses to market events, across different wealth levels, ranging from mass affluent - investors with a household income of at least $150,000 to $300,000 or personal income of $100,000 to $150,000 - to HNW investors with portfolios over $1 million, excluding superannuation and the home they live in.

In the final quarter of 2024, around one in five investors surveyed reported holding ethical and/or sustainable investments - about double the share during the same period the year prior.

CoreData research consultant Anna Vennonen noted there was a change in sentiment toward ESG around 2022, coinciding with the invasion of Ukraine and escalating geopolitical uncertainty, but broadly, sentiment has steadily improved since.

"It comes down to growing awareness around ESG issues, and a better understanding around the risks of investing in companies that are negligent to ESG factors, or haven't considered climate risk in their future plans..." she said.

"We've also seen more opportunities to invest in ESG-aligned investment products - there's been a proliferation of new ethical exchange-traded funds, which has grown over the past five years."

The research also found that investors also largely expect ethical investments to either stay the same or improve in the first quarter of this year. About half of investors - both those who own and don't own ESG investments - anticipate similar performance to the previous quarter, meanwhile a third expect better performance.

"We're seeing gradually improving optimism broadly, which might be playing into this, especially in the equity space, where investors are anticipating rate cuts later on," she said.

"And for some of these investors who've adopted more aggressive investment strategies, it could flow into the ESG space if they view renewable and clean energy as growth opportunities.

"Despite what's happening in America, there's still a lot of momentum in this space."

Just under half of investors said whether an investment is ethical or responsible is an important factor when choosing where to invest. However, fewer than a third of investors said they're likely to invest in ethical investments this quarter, including half of those currently invested in these options.

HNW and core affluent investors reported higher ownership of ethical and sustainable investments compared to the mass affluent market.

"It could be a question of access to resources, and the ability to absorb risk if mass affluent investors are unsure about these investments, seeing as they're a relatively new area," she said.

She added that ESG investing is often a speciality product, often catered to HNW and those with "more to play with", while mass affluents are more concerned about "tried-and-true methods."

The research also revealed greater interest in ethical and sustainable investing among younger cohorts, with about a third of those aged 18-30 likely to invest, compared to a quarter of those aged 40-59, and one in 10 of those aged 60 or older.

Correspondingly, younger cohorts were more likely to consider whether an investment is ethical or responsible - 45% of 18-39-year-olds and 44% of those aged 40-59 said it was an important factor, compared to 29% of those aged 60 or over.

The annual study found family offices' appetite for companies that are start-ups, and merger and acquisition opportunities have ballooned since 2014.

Family offices are major players in funding innovation, being responsible for 31% of investments in start-ups, and with 83% of those executed as club-deals or co-investments, the recently published Global family office deals study found. Family offices are particularly keen on start-ups operating in the generative artificial intelligence space.

On average, 31% of capital start-ups raised in the 12 months to July 2024 came from family offices.

Real estate accounted for 67% of family office investments at the start of 2014. Ten years later, this has dwindled to 38%.

Conversely, family office direct investments in companies rose sharply to 62% compared to 33% a decade ago.

In the past year, however, private equity strategies were the most popular, culminating in 469 deals worth US$39.5 billion. Venture capital came in second place with 277 deals and real assets at 44.

US-domiciled funds were the most popular with 383 deals taking place in 2024 and five times more than the volume reported in France at 66. UK-domiciled strategies are the third-most popular at 57, followed by Germany with 42 and Canada with 38.

PwC counted a total of 11 deals taking place Australia, placing it the 10^th spot.

The research also found family offices prefer small deals of up to US$25 million. Two out of three deals in the first half of 2024 were valued at US$25 million and below.

Of the 11,000 family offices analysed, PwC found they are "now fundamentally transforming" as they become prominent players in an expanding array of investment deals across a range of asset classes.

"Contrary to the belief that family offices are homogeneous and typically created through a "cash event" like a company sale, only 20% result from such events. The remaining 80% continue to draw wealth from active businesses," PwC said.

"Most family office owners are entrepreneurs or entrepreneurial families, with only 5% owned by heirs. Increasingly, tech pioneers and hedge fund managers, dubbed "Wall Street billionaires," are entering this space, impacting investment strategies."

Australia gained two billionaires over the course of 2024 - the majority of which (77%) were self-made.

The 10^th edition of the Billionaire Ambitions Report found the upward trend in the number of billionaires in Australia follows the trajectory of the APAC region.

China hosts the highest number of billionaires at 427, a reduction of 93 from the year prior.

India grew its billionaire population from 153 to 185; more than half of them (56%) are self-made.

Hong Kong is home to 74 billionaires, while Singapore has 47.

More broadly, the number of billionaires in APAC fell by 4% to 981 year on year. Their wealth flattened, increasing by only 1.8% to US$3.8 trillion.

Gina Rinehart tops this year's AFR Rich List with an estimated wealth of $40.6 billion.

She is followed by Harry Triguboff ($26.5bn), Mike Cannon-Brookes and Annie Cannon-Brookes ($24.4bn), Anthony Pratt and family ($23bn), Scott Farquhar ($22.9bn), Clive Palmer ($22.8bn), and Nicola Forest and Andrew Forest ($17bn each).

Given the continued growth in the number of Australian billionaires, head of UBS global wealth management for Australia Michael Marr said something within this "we're watching closely is the rapidly growing number of female billionaires, at almost double the rate of increase in male billionaires in the past decade".

"For us in Australia, this means that over the next few years, our coverage will reflect the needs of this client segment through a team that will deliver solutions such as sustainable investing with purpose and investing to make an impact," he said.

"Recently, that's materialised through a strategic hire to head up our not-for-profit coverage - another sector of rapid growth locally where the size of mandate opportunities have grown from $10m to over $100m."

From 2015 to 2024, the number of female billionaires globally grew from 190 to 344, a rise of 81%, mainly driven by the self-made. This compares with a rise of 49% in the male population, which stands at 2338.

In aggregate, billionaires increased their total wealth by 121% during the period. Their fortunes more than doubled from US$6.3 trillion to US$14 trillion.

Those who work in the technology sector reaped the most, tripling their wealth from US$789 billion to US$2.4 trillion.

The concentration of wealth is in the hands of the top 100 billionaires, the research found, noting that almost half work in the consumer and retail and materials sectors with each accounting for 24%. This is followed by the technology sector and financial services sectors at 16% each.

"Just as a few big US tech stocks account for a larger amount of global equity market capitalisation than they did 10 years ago, so too has billionaire wealth become moderately more concentrated," UBS said.

"Reflecting the equity markets, part of the explanation lies in the evolution of the tech businesses developing AI and the innovators behind them. Consequently, tech billionaires currently have the highest average wealth at US$70.6 billion. However, there are a relatively small number of them."

Roberts told FS Private Wealth that there are very few high-quality renewable opportunities on the ASX.

"If you are inclined to want to support Australia in the energy transition, chances are some of those investments still have a very long tail of traditional fossil fuel exposure as well," Roberts said.

"So, when we think about providing an opportunity to the wealth channel for people that are inclined to want to do good with their capital, we think that there's a really large and deep opportunity around private credit with renewable infrastructure."

Roberts said Australia has spent around $35 billion as a nation on renewable generation with around 40% renewable penetration, which while good is not enough.

"If you think about government targets and where we're trying to be by the end of 2030, at sort of 82% renewable generation, there's another $70 billion of capital that needs to be spent. And when you think about how that capital gets invested, about half of it is through a debt. And so that's traditional banks, offshore banks, onshore banks," he said.

"But there's a big role for private capital to play in lending to these projects as well. And in doing so, you can have specific exposure to renewables, rather than a more diverse mix of traditional fossil fuel and renewable assets through some of the listed opportunities that are available."

Roberts said family offices and high-net-worth individuals are drawn to investing in renewable infrastructure for a number of reasons.

"If people are wanting to be thoughtful or make an impact with their capital, it's an asset class that needs a lot of capital and is pretty directly aligned with the energy transition and getting to our net zero goals," he said.

"I think a lot of people are looking to have exposure to alternatives. There's a neat crossover there into those asset classes, because they want to feel like their capital is earning a good market rate return, but also is doing good.

"And then on the private credit side, I think that then comes down to the risk adjusted return. We've got elevated base rates at the moment, after a period of very low, risk-free rates, and from an absolute return perspective there's an attractive overall return that can come out of the sector."

Katheryn Young is departing Cambooya to take an institutional role at the New South Wales state investment firm.

TCorp has confirmed her appointment as the new head of client advice and portfolio management.

Young, who will be a member of the investment leadership team, will report to TCorp chief investment officer Stewart Brentnall.

She has 20 years' experience in the asset management industry, including more than 10 years with Morningstar in Chicago and Sydney.

Young spent the last five years working for the family office of the Fairfax family.

There, she managed investments, advised and looked after family foundations.

She reported to Riccardo Briganti, who has also been at Cambooya for around five years, landing from BT Financial Group.

Before that, Young was a senior member of the investment team at the Myer and Baillieu family offices.

In these firms, she ran manager selection for both public and private markets.

She also worked directly with clients to develop investment objectives and translate those goals into strategic asset allocation advice.

Young joined Morningstar in 2007 as a senior data analyst based in the US.

She eventually became director of manager research ratings, Asia Pacific, a position she was promoted to in April 2016.

There, Young managed a team of analysts, chaired the Australian ratings committee, maintained research processes and analysed investment industry trends for clients and Morningstar's global business.

Interestingly, the research house recently appointed Eva Cook as director for manager research, recruiting from TCorp.

At TCorp, Cook was the head of equity partner selection covering over $43 billion of investments across developed, emerging and Australian equities.

In a special edition of its annual philanthropy insights report, the wealth manager said despite incremental changes in funding across some sectors, overarching trends have held relatively steady, largely thanks to the "perpetual nature of legacy foundations," and alignment of philanthropic giving to family values, beliefs, and interest areas.

"Many active philanthropists have adopted a strategic approach to their giving, with a clear vision of the types of organisations, causes, and sectors they choose to support in the long-term," the report said.

"This approach allows philanthropists and their families to invest in community outcomes that are not achievable in one to-three-year time horizons, but may take decades, or even generations to achieve."

Some sectors, however, that previously garnered little attention, like funding for conservation and the environment, are starting to gain traction - funding levels have risen from 1% to 3%.

The report said this modest growth may be partly due to increased funder awareness because of catastrophic major weather events and biodiversity collaborations across Australia.

The next generation within family foundations have also played a role in advocating for funding.

In contrast, funding for arts and culture has declined from 5% to 3%, a decline the report linked to the Covid-19 pandemic and prolonged shutdown of cultural institutions which had an "enormous impact."

Creative Partnerships Australia, which aims to foster a culture of private sector support for the arts, estimated that private donations, including general fundraising and bequests, fell from $540 million in 2019/20 to $398 million in the pandemic hit 2020/21 financial year.

The report said the downtown wasn't surprising given the "front of mind nature of the pandemic."

Meanwhile, an examination of state-by-state data showed that Victoria has traditionally attracted the lion's share of philanthropic funding, though its share dipped from 36% to 27% since 2015.

The report linked this funding concentration to historical factors such as the Gold Rush wealth boom and Victorian Trustee Law, which incentivised the creation of charitable trusts, particularly through estates.

NSW, however, has seen its share of philanthropic funding more than double from around 6% to 16% over the same period, with every other state and territory also experiencing an increase.

The report said the rise in private ancillary funds (PAFs) - from 1315 to 2097 - has likely played a role in the more widespread distribution of funds across regions.

The report also noted that the increase in state-level funding may be indicative of a greater focus on local issues, reflected in a 10% decrease in contributions to organisations working at a national level and slight decrease in support to international projects over the past decade.

As for financial strains, data and feedback from the Perpetual IMPACT Philanthropy Application Program, which connects philanthropists and not-for-profits, has pointed to a gradual rise in operational costs, with salaries being the biggest expense.

The report said inflationary conditions are driving up the cost to deliver vital services to communities, with Perpetual's data indicating a 10% rise in employee expenses over the past year.

It added the cost of doing good can be "greatly impacted by inflationary conditions."

Based in Adelaide, CMS Private Advisory has been operating since 1997, servicing high-net-worth clients across South Australia and New South Wales. This marks Mutual Trust's fifth merger in its history, and the second in South Australia, having merged with Reynolds Advisory in 2021.

Mutual Trust established its presence in South Australia in 2019 and has since seen a three-fold increase in clients and revenues.

Mutual Trust chief executive Phil Harkness said there are many synergies between Mutual Trust and CMS Private Advisory.

"This merger will complement and strengthen the scale and breadth of services CMS and Mutual Trust can deliver in Adelaide and Sydney, with the key objective of helping families uncover what matters most across all aspects of their wealth and guiding them to define their purpose of wealth," Harkness said.

"It is our purpose-driven approach that's enabled Mutual Trust to forge its unique and niche market position of serving hundreds of Australia's wealthiest families."

Meantime, Mutual Trust head of South Australia Brad Simmons said the group has identified several major tailwinds for the business.

"As families face the challenges of intergenerational wealth, such as the sale of a long-held family business, the unbundling of jointly owned family wealth, or the death of a family patriarch or matriarch, clients are turning to us as experts in this field, to help solve more complex problems, beyond what they can get from their stockbroker or suburban accountant. We only see this trend increasing," Simmons said.

"As we continue to grow, we are reinvesting in our local client services team. Mergers with likeminded firms such as Reynolds Advisory and CMS are helping to build broader and deeper team capabilities more quickly, for the benefit of our clients."

With this merger, Harkness said, Mutual Trust is entering its most significant growth phase and the company has ambitious plans to extend its national footprint further in time.

Likos - who has over 20 years of experience in financial markets - joins from BondAdviser, an employee-owned financial services provider focused on the debt capital markets.

The newly minted investment chief worked as a portfolio manager with the asset management business for five years.

Before that, he served as a research director at Morningstar Australia, focusing on listed debt and equities while managing a team of analysts.

In that role, Likos was responsible for research opinions at the issuer and security level for Australian and New Zealand companies.

Asena's new chief investment officer started his career at PwC before moving to London to work in various fixed income roles at Mondrian Investment Partners, Abbey National and Deutsche Bank.

Upon returning to Australia, he worked within the fixed income team of National Australia Bank until landing at Morningstar.

Asena is a relative newcomer to Australia joining forces with boutique investment and tax advisory firm Giles Wade in February.

The family office raises capital for private market opportunities for its US and Australian clients.

Chief executive and managing director Liza Janakievski said: "Welcome to the Asena team, John."

Mutual Trust - the Myer and Baillieu family office - said the promotions reflect the increasing number of ultra-high-net-worth families and individuals and the diverse needs of that market segment.

Tanya Vanderpoel, Beni Pietropiccolo and Brendan Henderson have been elevated to the higher rank.

Vanderpoel joined the wealth management team in 2008 from Lansdowne Partners.

She has extensive experience developing investment strategies, incorporating asset allocation and portfolio management.

The family office said Vanderpoel has a strong background in the investment management of private ancillary funds, SMSFs, trusts and family group portfolios.

As for Pietropiccolo, he has been with Mutual Trust for five years, arriving from a Stonehage Fleming, a large multi-family office in London. He works in Western Australia, advising wealthy families and organisations on investment strategy development and implementation.

With 20 years of experience in investment markets, Pietropiccolo was named one of the UK's top 40 under 40 in private asset management.

Henderson, the third new partner, joined Mutual Trust about 12 years ago.

He specialises in tax and commercial issues for private and operating family businesses, estate and succession planning.

Before the family office, Henderson worked for several Big Four and mid-tier chartered accounting firms where he provided specialist tax advice to private business and family trusts.

Chief executive Phil Harkness noted that family offices are a powerful force.

"They deploy their capital to expand their businesses, employ people, build infrastructure, invest in innovation, back start-up ventures and give thoughtfully and strategically to charities," he said.

Since the union of Mutual Trust and The Myer Family Company Limited in 2017, the firm has grown to over 200 employees across Melbourne, Sydney, Adelaide and Perth.

"Mutual Trust has a legacy spanning over 100 years," Harkness added.

"The recent appointments of Tanya, Beni, and Brendan mark a significant milestone in their careers. Mutual Trust is a high-performing firm, dedicated to nurturing and developing our talent pool. As a purpose-driven organisation, our client-centric culture is at the heart of everything we do."

Agriculture & Natural Solutions Acquisition Corporation (ANSC), a special purpose acquisition company (SPAC), entered into a definitive agreement to acquire AFA.

AFA has a portfolio of agricultural assets in New South Wales' Deniliquin, Hay, and Coonamble. They include 87,000 acres of dryland and irrigated cropping that produces irrigated cotton, wheat, barley, canola, and corn among others; water entitlements; and livestock-carrying capacity of about 247,000 for sheep wool, meat, and cattle operations.

Over 10 years, AFA has returned 16% annually on average.

Bell Group Holdings (BGH), which is the parent company of Bell Financial Group (BFG), Bell Securities, and Bell Asset Management, has about 66% interest in AFA.

Former BFG chair Provan, the late Colin Bell's estate and Lewis Bell each had more than a 20% interest in BGH, according to BFG's 2023 annual report. Impact Ag Partners and Riverstone Holdings are also backing the investment.

Following the sale, the combined business will be named Agriculture & Natural Solutions, also known as NewCo, and will list on the New York Stock Exchange under the ticker symbol AFAE.

Some 70 management and support staff will continue to operate AFA. Impact Ag staff are also expected to join the team.

ANSC chief executive Bert Glover said: "We have always believed that agriculture - backed by the right sort of capital - could deliver nature and climate solutions. ANSC is proud to enter into a business combination with AFA and looks to establish it as a leader in this regenerative transition not just in Australia, but across the world."

ANSC chair David Leuschen said: "We are thrilled to have this opportunity for ANSC to combine with AFA. We view Australia as a leader in the application of new techniques to meaningfully decarbonise agriculture, and we believe that AFA represents a once in a generation chance to combine with a major Australian agricultural company, operating three marquee aggregations including some of Australia's most iconic properties."

Upon closing the deal, NewCo's board will comprise seven directors including two designated by current AFA shareholders who roll a portion of their ownership into NewCo, Leuschen, Glover and three independent directors.

The data provider's report highlighted that among all private wealth investors in Asia Pacific (APAC), Australia accounts for the largest share at 23%, followed by Singapore at 20%.

These Australian investors are turning to alternatives, which has led to some preliminary regulations in private markets.

"As in the US and Europe, the Australian Securities Exchange (ASX) has seen a decline in IPOs and shallowing of public markets, creating a greater interest among private wealth investors for alternatives," the report said.

Indicative of this embrace, Franklin Templeton launched its first alternative investments fund for Australian retail investors in August 2023.

The report said as a result, managers should be aware that ASIC plans to set up a division next year to evaluate private markets, particularly concerning valuations.

Separately, a regional analysis of private wealth preferences showed that while North America has more family offices than any other region, 79% of private wealth investors there are wealth managers. This is in stark contrast to other regions, where private wealth investors are predominantly family offices.

Looking at fund searches by North American wealth managers between 2020 and 2024 reveals a strong preference in private equity and venture capital. So far this year, over 55% of the 3000-plus fund searches by North America wealth managers have been for private equity and VC funds, followed by 15% for private debt funds, 13% for hedge funds, 12% for real estate funds, and 5% for infrastructure funds.

Preqin data also revealed APAC wealth managers also lean heavily toward private equity and VC funds.

In 2023, 74% of fund searches by APAC wealth managers were for private equity and VC, 12% were for private debt, 8% were for real estate, 3% were for hedge funds, and 3% infrastructure.

"One challenge for emerging managers is the tendency of APAC investors to value name recognition of their managers. This poses a challenge for smaller or newer managers, however," the report said.

Therefore, it may be prudent to build a track record in other regions before attempting to raise in APAC, it said.

The research from Ocorian revealed that of the approximately 300 family office professionals it surveyed, which collectively manage around US$155 billion in assets, most (85%) believe their family office has become more professional in its operations and structure.

Ocorian said that around half (53%) of family offices reported developing stronger succession plans, while a similar number (48%) strengthened their family constitution or charter; or introduced one for the first time.

Ocorian also said that almost half (46%) of family offices had secured the support of more professional third parties, while 45% have bolstered the management teams running their operations.

Additionally, many family offices (41%) reported developing a more diverse and professionally managed investment portfolio, while others strengthened compliance, tax, and legal infrastructure.

Meanwhile, over a third of family offices said they'd established a more cohesive and robust philanthropy program.

Although professionalism has risen, family offices, however, continue to confront major challenges, according to survey respondents.

The primary challenge cited was establishing "the right governance" that meets family members' needs and expectations. The necessity of giving each family member a chance to be heard was highlighted by an overwhelming majority of respondents (86%).

This was followed by ensuring their investment portfolio is properly managed and aligned with the risk and return profile of the family (59%). The next biggest challenge was around having a robust family succession plan in place.

Ocorian commercial director Michael Harman said it's extremely positive to see so many family offices taking steps to become more professional.

"I'd suggest this rapid and widespread professionalisation is a result of the explosion of growth in number of family offices; they simply have to professionalise as a way to stand out in an increasingly crowded market," Harman said.

However, he pointed out that regulatory and compliance issues will become a significant challenge.

The research found that over a third of those surveyed viewed navigating regulatory issues as one of the biggest challenges they face. There was also a mixed response on how well advised they feel in meeting regulatory demands.

The Graphene Alternative Fund is an Australian unit trust and absolute-return strategy that is exclusive to ANZ Private clients.

Blackstone's Multi-Asset Investing unit (BXMA) is the investment manager of the fund.

The fund is built on the BXMA Absolute Return platform. It invests in an underlying fund, which is a Cayman Islands-exempted limited partnership.

The fund aims to achieve returns above the Australian RBA Cash Rate Target Index + 400bps over a rolling five-year period.

ANZ Private chief investment officer Lakshman Anantakrishnan said: "The strategy culminates a broader change to ANZ Private's strategic asset allocation, which includes a doubling of our allocation to alternative assets."

"In the decade ahead, we expect global markets to be transformed by major structural themes including disruptive technology, global demographics, and the green energy transition. We believe hedge funds will play an increasingly important role in multi-asset portfolios as investors look to navigate this change."

Global head of BXMA Joe Dowling and chief investment officer David Ben-Ur oversee the fund.

Dowling said: "We are committed to creating customised, balanced, and resilient strategies for investors, which can thrive across multiple environments, and we are proud of the platform that we've created for ANZ's clients."

Blackstone has $US1.1trillion in assets under management.

Last year, Blackstone injected $500 million in a Brisbane student accommodation project by acquiring Student One.

This comprises three student accommodation assets with a total of 2300 beds in Brisbane's CBD, as well as a 40-person integrated management company.

Wollemi Capital Group and the NBL have formed a consortium to acquire the majority interest at the end of the 2024/25 season. Taking control in April next year, Basketball Australia will retain a minority interest.

"Women's basketball in Australia has a phenomenal history and an even brighter future; we are excited to be a major part of the syndicate that will guide the future direction as well as provide the right level of support and investment needed in the sport for decades to come," Denholm said.

"There is much work to be done to transform the league into a platform that our amazing female players, clubs, fans and all involved richly deserve."

Meantime, NBL owner Larry Kestelman said: "We are proud to be part of a group that will now have an opportunity to rethink what the best version of the WNBL can look like and set the direction for the future as we did for the NBL. We believe this is a truly exciting proposition for us, the players, the fans, and everyone involved."

"The female athletes in the sport, as well as younger girls aspiring for greatness, deserve better and we believe we can, with time, deliver something to be proud of, but do not underestimate the work and challenges ahead."

NBL chief executive David Stevenson said the organisation intends to spend the next few months listening to and learning from clubs, players, fans, and other stakeholders to ensure long-term sustainability and the creation of a world-class league.

"We are excited and feel privileged to be the new custodians of Australia's oldest women's professional sports competition, and we believe this group is best placed to bring sustained success and unprecedented growth," he said.

Wollemi Capital Group has already proven itself a basketball fan, having purchased a 30% stake in Hoops Capital in 2022. Hoops Capital is the basketball business of Total Sport & Entertainment and owns both the Sydney Kings and Sydney Flames teams.

Away from the court, the family office is currently embroiled in a trademark battle with climate tech VC investment firm Wollemi Capital, led by Tim Bishop. The latter filed a trademark application relating to the words 'Wollemi' and 'Wollemi Capital' which was challenged by Denholm's family office. However, earlier this month IP Australia ruled in favour of Bishop's firm.

Denholm's Wollemi Capital Group has since lodged a notice to appeal the IP Australia decision in the Federal Court.

According to the report, global HNWI wealth grew by 4.7% in 2023, reaching $86.8 trillion. Additionally, the HNWI population increased by 5.1% to 22.8 million worldwide, continuing to expand despite market volatility. This growth reverses the previous year's decline, putting HNWI trends back on an upward trajectory.

In 2023, North America saw the strongest HNWI recovery globally, with wealth and population increasing by 7.2% and 7.1%, respectively. The report attributes this momentum to solid economic resilience, easing inflationary pressures, and a robust rally in the US equity market. While this trend continues in most regions, the Asia-Pacific HNWI segment experienced more modest growth, with wealth and population rising by 4.2% and 4.8%, respectively.

As the growth of HNWIs continues, asset allocations are transitioning from wealth preservation to growth. Early 2024 data shows a normalisation of cash holdings to 25% of portfolio totals, a significant decrease from the multi-decade high of 34% in January 2023.

The report highlighted that two out of three HNWIs plan to increase their investments in private equity during 2024, aiming to capitalise on potential future growth opportunities.

Ultra-high-net-worth individuals (UHNWIs), the most concentrated group among the wealthy, hold over 34% of total HNWI wealth but constitute just over 1% of the total HNWI population. It's projected that over the next two decades, ageing generations will transfer more than $80 trillion, spurring demand for both financial services (such as investment management and tax planning) and non-financial services (including philanthropy, concierge services, passion investments, and networking opportunities).

The report also indicated that 78% of UHNWIs view value-added services as essential, and over 77% rely on their wealth management firms for support with inter-generational wealth transfer. However, as HNWIs seek more tailored guidance, 65% express concerns about the lack of personalised advice suited to their evolving financial situations.

Family offices surveyed in the UBS Global Family Office Report across the Asia Pacific cited geopolitical conflicts as their top risk over the next 12 months.

Those in North Asia are the most concerned about geopolitical risks, saying these also pose as major challenges over the next five years.

Consequently, many are forced to pivot their asset allocations to local regions. To buffer the risks, nearly half of these family offices plan to allocate more assets to Asia Pacific over the next five years.

Portfolios have already moved a greater balance between bonds and equities, the head of UBS global family institutional wealth for APAC LH Koh said.

"APAC family offices are keen to add more developed markets fixed income (48%) and developed markets equities (45%). There was increased appetite for alternatives, as APAC family offices plan to increase their allocation in private equity (24% direct investments and 32% funds/funds of funds), private debt (28%) and hedge funds (31%) in the next five years, indicating their need for greater diversification," he said.

Family offices from North Asia said they intend to increase their portfolio liquidity to hedge against risks and reduce exposure to riskier asset classes.

Those from Southeast Asia will prioritise reducing exposure to riskier asset classes and then increase liquidity of their portfolios.

If cash rates fall, many family offices aim to fund their increased fixed income allocations mainly from cash.

Those seeking to add fixed income over the next five years, more than half (53%) said they plan to do so by shrinking cash allocations.

Additionally, around a fifth plan to fund higher fixed income allocations by cutting their weightings in private equity (21%) and real estate (20%) respectively.

UBS also surveyed family offices outside of APAC and found that many increasingly turn to active management or manager selection to diversify portfolios.